Bank of Maldives (BML) has formally applied for a license to open a branch in Sri Lanka, signalling a significant step in the bank’s broader regional growth strategy. The development was confirmed by BML Chief Executive Officer and Managing Director Mohamed Shareef, who stated in a recent interview on PSM News’ Raajje Miadhu programme that the application has already been submitted to the Central Bank of Sri Lanka. The proposed branch reflects BML’s rising ambition to extend its services beyond the Maldives and establish a stronger presence in the wider South Asian financial landscape.
Shareef said the bank’s preference is to pursue a full branch operation rather than a representative office, despite the more demanding regulatory and capital requirements involved in entering a foreign market. He explained that capital requirements in overseas jurisdictions are considerably higher, but expressed confidence that BML is capable of meeting the standards necessary for a fully operational branch. His remarks also highlighted the bank’s intention to strengthen its financial standing further as it prepares for international expansion and positions itself to meet the expectations of regulators outside its home market.
BML currently holds a capital base of USD 1.04 billion, providing a strong foundation for its expansion plans. Although overseas banking operations present greater compliance and financial obligations, the bank’s leadership has conveyed confidence in its ability to navigate these requirements successfully. The application to open in Sri Lanka illustrates a forward-looking strategy aimed at broadening BML’s reach, enhancing its regional profile, and creating new opportunities for financial connectivity between the Maldives and neighbouring markets.
The bank’s international aspirations come at a time of continued strength and momentum in its domestic operations. Over the past year, BML has further deepened its national footprint and expanded access to banking services across the Maldives. The bank now operates 42 branches and 179 self-service centres across 18 atolls, including Addu City and Fuvahmulah City. Its expanding nationwide network has been reinforced by the installation of ATMs on every inhabited island and the opening of new branches throughout the atolls, demonstrating BML’s sustained commitment to inclusive banking and improved customer convenience across the country.
This growth has also been supported by strong financial performance. In 2025, BML reported a record net profit of USD 162.1 million, marking a 9.8 percent increase compared to the previous year. Total assets rose to USD 3.6 billion, underlining the bank’s solid balance sheet and growing operational scale. During the same period, BML disbursed USD 648.5 million in new loans to individuals, small and medium-sized enterprises, corporate clients, and other key sectors of the economy, reflecting its expanding role in supporting national development and economic activity.
Customer confidence in the bank also continued to rise throughout the year. More than 30,000 new accounts were opened, while deposits increased by 16 percent, indicating strong public trust in BML’s services, accessibility, and long-term direction. This growing confidence, combined with the bank’s improving financial strength and broad service network, places BML in a favourable position as it looks toward regional expansion.
The application to establish a branch in Sri Lanka represents an important chapter in BML’s development as a leading financial institution from the Maldives. It reflects not only the bank’s readiness to pursue new markets, but also the progress it has achieved at home through stronger performance, wider service coverage, and continued customer confidence. For international observers, BML’s latest step presents a notable example of a Maldivian institution building on domestic success to explore opportunities beyond national borders while maintaining a firm commitment to growth, stability, and service excellence.
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